Pacific Union Insurance Company

• Main Author: Soriano, Rainiel C.
• Format: text
• Published: Animo Repository 2019
• Subjects: Property insurance; Insurance companies—Management; Insurance
• Online Access: https://animorepository.dlsu.edu.ph/faculty_research/11276
• Institution: De La Salle University

Pacific Union Insurance Company (PUIC) is a non-life insurance company whose objective is to provide insurance which protects properties from any uncertainties. It first started operations in the mid 1940’s by the late Dan Aurelo Prequiet Sr., a pioneer in the industry. The company has been providing above satisfactory customer satisfaction through outstanding customer service as well as efficient claims handling.Its strength relies mostly on the impressive solvency ratio which is more than 2 per year. It has also a quality after sales service and excellent training programs for its employees. While on the other hand, the company being not well known and properly established and low caliber/quality website are the known weaknesses of the company.Although there are already many existing companies that offers non-life insurances, the increasing number of people investing in valuable assets and the threat of natural calamities and unforeseen circumstances calls for the need for such insurances. Furthermore, the continuous growth of the economy and the growing number of informed Filipinos have opened an opportunity for the industry to grow. The advancement of technology is an opportunity for the company to exploit and at the same time can pose as a threat to the industry if not properly utilized.There are still issues in PUIC that need to be addressed which include price sensitivity of customers, technology advancement constraints, employee boundaries, and known brand competitors in the industry.PUIC aims to maintain its prudent approach in underwriting with the objective of achieving a continually enhancing quality portfolio and customer satisfaction through prompt service and efficient claims handling. It aims to achieve this by enhancing its employer-employee relationship, investing in marketing and advertisements, and maintaining strong customer relationship to become the leader among the non-life insurance providers in the Philippines.